Lunit Secures $150 Million in Capital Increase

• Fund fully paid-in as of November 9, achieving over 100% shareholder participation

SEOUL, South Korea, Nov. 15, 2023 /PRNewswire/ -- Lunit (KRX:328130.KQ), a leading provider of AI-powered solutions for cancer diagnostics and therapeutics, today announced the successful completion of a significant paid-in capital increase of $150 million. The public offering was met with an enthusiastic response, with shareholder participation surpassing 100%, marking a major achievement for the company.

The decision to initiate this capital raise was made during a Board of Directors meeting on August 23rd. Following the board resolution, the process was successfully concluded on November 9th, with the fund fully paid in. NH Investment & Securities played a key role as the underwriter for the funding.

The funds raised will be strategically invested in several key initiatives that include:

1)      Operation Cost

• Next-generation product development: $52 million
• Recruitment of global talent and labor cost: $15 million
• Intangible asset acquisition cost: $15 million

2)      External investment

• Investment in overseas subsidiaries (US & Europe): $38 million
• Establishment of a Corporate Venture Capital (CVC) for strategic investments: $30 million

This financial backing will enable Lunit to further its mission of pushing medical intelligence to new heights. With its AI-powered solutions for cancer diagnostics and treatment support, Lunit remains committed to leveraging technology to conquer cancer through AI.

"We're deeply grateful for the support and trust from our shareholders. This $150 million capital increase reflects their faith in our mission and technology," said Brandon Suh, CEO of Lunit. "We're eager to use these funds to advance our innovative products, explore new pharmaceutical avenues, and recruit global talent. Our commitment remains steadfast, and we believe that every dollar invested in Lunit can make a significant impact in the fight against cancer."

About Lunit

Lunit is a deep learning-based medical AI company on a mission to conquer cancer. Our focus is on developing AI solutions for precision diagnostics and therapeutics, ensuring the right diagnosis, and treatment, at the right cost for each patient. Lunit is devoted to developing advanced medical image analytics and AI-based biomarkers via cutting-edge technology.

Founded in 2013, Lunit has been acknowledged around the world for its advanced, state-of-the-art technology and its application in medical images. As a medical AI company grounded on clinical evidence, the company's findings are presented in major peer-reviewed journals, such as the Journal of Clinical Oncology and the Lancet Digital Health, and global conferences, including ASCO and RSNA.

After receiving FDA clearance and the CE Mark, our flagship Lunit INSIGHT suite is clinically used in approximately 2,000+ hospitals and medical institutions across 40+ countries. Lunit is headquartered in Seoul, South Korea, with offices and representatives worldwide. For more information, please visit lunit.io

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SOURCE Lunit